Midland’s median home prices fall in July

Rachael Gleason | rgleason@mrt.com

Published 5:21 pm, Sunday, August 24, 2014

Photo: Cindeka Nealy

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(File Photo) Rafael Rodriguez, left, nails a rafter to a ridge board as Joe Ramirez Jr. measures the roofs rise Friday at a new home construction site located on the 1400 block of E. Jax Ave. Cindeka Nealy/Reporter-Telegram less

(File Photo) Rafael Rodriguez, left, nails a rafter to a ridge board as Joe Ramirez Jr. measures the roofs rise Friday at a new home construction site located on the 1400 block of E. Jax Ave. Cindeka ... more

Photo: Cindeka Nealy

Midland’s median home prices fall in July

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Midland home values failed to live up to record growth during the early summer months, falling 12 percent move-over-month in July.

Still, the Tall City’s median home price of $247,900 grew more than 7 percent from last year as 214 single-family homes, townhouses and condominiums were sold, according to recent data from the Real Estate Center at Texas A&M University.

In all, about $58.7 million was either financed or spent on real estate purchases last month — a 17 percent drop from June but 21 percent more than July of last year — the data show.

June’s record price of $283,100 topped the previous milestone of $251,500, set in January of this year, according to the data. But last month’s price fell 12 percent — about $35,200 — from June.

Midland’s declining month-over-month home values mirrors the statewide trend. While the number of home sales completed in Texas last month remained steady, July’s record median price of $191,500 dropped 12.6 percent from the previous month.

Counties around Austin, Houston and Dallas typically report the highest median home prices, according to the Real Estate Center’s data.

Collin County, near Dallas, bumped the Tall City out of the No. 1 slot with its $270,500 home values in July, while Fort Bend’s median home price of $266,400 came in second.

While still below Midland, the data shows Odessa’s home values are among the highest in the region at $178,000, a slight growth over June.